Bitcoin core non-profit gets approved for tax exemption, perks for donors
501(3)(c) status boosts the project's legitimacy as well as its efficiency in using donations. A new non-profit aiming to fund Bitcoin development education and research has been approved for special tax status, conferring benefits on donors.Brink, which launched in the fall, has been approved as a 503(c)(3) organization according to a Feb. 10 blog post. The status both exempts Brink from federal taxes and provides some interesting benefits to donors, especially considering their use of Bitcoin. Donations to 503(c)(3) organizations in the U.S. have always been an important tax write-off,....
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Fidelity Charitable, an independent public American charity, has announced that it received $7 million in bitcoin donations in 2016 from donors across the country. To enable Fidelity Charitable donors to give more and to support a broader expansion, in November 2015, the charity began accepting bitcoin. Donors were then able to donate more with the non-profit efficiently monetizing the bitcoin for grant-making. As well as accepting digital currency donations, the charity also raised $3.5 billion in donor-recommended grants to non-profit organizations last year, which saw a 15 percent....
Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It....
What is rather intriguing about this proposal is the proposed definition of virtual currency. Regulating companies active in the bitcoin world have proven to be quite challenging. In most cases, bitcoin startups dealing with customer deposits are labeled as money transmitters. New Hampshire legislators are now seeking an exemption for bitcoin startups through the HB 436 proposal. It remains unclear if their proposal will be approved, as it will set an intriguing precedent for other US states. Under the HB 436 proposal, New Hampshire regulators want to add a formal definition for bitcoin to....
The creators of bitLanders added bitCharities to their content hosting platform in January. The core aim of the new sub-platform, as CEO Francesco Rulli explained, was not just to propagate the use of their official mode of payment - the digital currency Bitcoin - but also to motivate people to make regular donations, even if they are small. Prior to launching bitCharities, bitLanders's core focus was to help users in earning Bitcoin rewards while creating and sharing contents. The earned money could therefore be exchanged within curated shopping sections - bitGoodies and bitFashionista.....
The bill would provide tax exemption on bitcoin transactions for less than $50 or trades netting a gain of less than $50.